If you have been house hunting in the Coral Springs real estate market, then you know the location of a home can greatly affect the asking price. The same home in one area of the city can change the price of a home dramatically.
This isn’t a unique experience to homes for sale in Coral Springs, it occurs in towns and cities across the country. Just what makes a home’s sales price drop often is attributed to the neighborhood it lies in. But what is it about a neighborhood that can make such a big difference in price? That is exactly what the real estate experts at realtor.com® decided to do.
Analysts compared home prices of real estate properties all lying in the same county with the same zip code. What they noticed was that there were similar factors causing home prices to be dragged down. Some were expected while others were a bit more surprising.
The top 9 are listed below:
1) Bad School
The worst offender to dragging down the price of homes for sale in Coral Springs is living near a bad school. The proximity of Coral Springs real estate to a school with a bad reputation can drop a home’s value by as much as 22.2%.
2) Strip Club
Although most buyers looking at Coral Springs real estate properties aren’t wanting to be next door to a strip club, you might get a good deal on the property. The value of a home near a strip club can be expected to fall 14.7% below market value when it comes to the true worth of the home.
3) Rental Properties
The more rental properties nearby a home, the lower the home’s value. It may be the turnover of people in and out of the area or the increase of traffic on the street and in local businesses. Whatever the reason, a home worth drops about 13.8% in neighborhoods with a high concentration of renters.
4) Homeless Shelter
Buying a home near a homeless shelter will bring sales prices down significantly. The transient population in a neighborhood can plummet home values by as much as 12.7%.
5) Cemetery
There are pros and cons about living near a cemetery. A pro is that you will never have to worry about future development. A con is that you might score a great deal on the property when you buy, but you probably will have to sell at a lower price. Living near a cemetery can drop the sales price of Coral Springs real estate by as much as 12.3%.
6) Funeral Home
There is something with death that adversely affects property values. Just like with cemeteries, funeral homes will bring a property’s value down by about 6.5%, according to the review.
7) Power Plant
Although you won’t find one in the Coral Springs real estate property rolls, power plants can the value of a home down by 5.3%.
8) Shooting Range
Homes for sale in Coral Springs near a shooting range are not highly coveted and it has nothing to do with the real estate property itself. Sale prices near a shooting range register lower home values by 3.7%.
9) Hospital
Buying a home near a hospital may cost you less when you buy it, but it will bring in less when you sell it. Estimates place the drag in home values by 3.2% on properties near hospitals.